Worthington Steel (NYSE:WS) Shares Gap Down – Here’s Why

Worthington Steel, Inc. (NYSE:WS) gapped down before the market opened on Tuesday . The stock had previously closed at $34.93, but opened at $33.71. Worthington Steel shares last traded at $33.5050, with a volume of 3,287 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on WS shares. Zacks Research raised Worthington Steel from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Wall Street Zen lowered Worthington Steel from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings cut Worthington Steel from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 3rd. Finally, KeyCorp restated an “overweight” rating on shares of Worthington Steel in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Worthington Steel currently has an average rating of “Buy” and an average price target of $46.00.

Worthington Steel Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.92. The firm has a market capitalization of $1.73 billion, a P/E ratio of 24.38 and a beta of 2.30. The company’s 50 day moving average price is $35.88 and its 200 day moving average price is $37.55.

Worthington Steel (NYSE:WS) last posted its quarterly earnings data on Thursday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.01. The firm had revenue of $929.20 million for the quarter, compared to the consensus estimate of $992.00 million. Worthington Steel had a return on equity of 8.87% and a net margin of 0.50%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. As a group, sell-side analysts anticipate that Worthington Steel, Inc. will post 3.39 EPS for the current fiscal year.

Worthington Steel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.9%. Worthington Steel’s payout ratio is presently 46.04%.

Insider Buying and Selling at Worthington Steel

In related news, COO Jeffrey R. Klingler sold 20,036 shares of Worthington Steel stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $43.82, for a total value of $877,977.52. Following the completion of the sale, the chief operating officer directly owned 93,212 shares in the company, valued at $4,084,549.84. This trade represents a 17.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy A. Adams sold 2,367 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $42.27, for a total value of $100,053.09. Following the sale, the chief financial officer directly owned 44,098 shares of the company’s stock, valued at $1,864,022.46. This represents a 5.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,603 shares of company stock worth $986,631 in the last ninety days. 2.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Worthington Steel

Institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its holdings in Worthington Steel by 1,239.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock valued at $26,000 after buying an additional 694 shares during the period. Hantz Financial Services Inc. grew its holdings in Worthington Steel by 56.4% during the 4th quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock worth $32,000 after acquiring an additional 328 shares during the period. Torren Management LLC bought a new stake in shares of Worthington Steel during the 4th quarter valued at $48,000. Public Employees Retirement System of Ohio bought a new stake in shares of Worthington Steel during the 2nd quarter valued at $51,000. Finally, OP Asset Management Ltd acquired a new position in shares of Worthington Steel in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 45.41% of the company’s stock.

About Worthington Steel

Worthington Steel (NYSE: WS) is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.